Zach borrowed four thousand dollars from his grandfather to buy a used car so he could travel to and from work. After working for 2 years, he has saved five thousand two hundred dollars to pay back to his grandfather. At what interest rate did Zach borrow the money? Round to the nearest whole percent.

a.twelve percent

b.fifteen percent

c.eighteen percent

d.thirty-eight percent

Question

Zach borrowed four thousand dollars from his grandfather to buy a used car so he could travel to and from work. After working for 2 years, he has saved five thousand two hundred dollars to pay back to his grandfather. At what interest rate did Zach borrow the money? Round to the nearest whole percent.

a.twelve percent

b.fifteen percent

c.eighteen percent

d.thirty-eight percent

anonymous · Answer

Simple Interest = (Principal * Rate * Time) / 100
1200 = (4000 * 2 * r)/ 100